Continuous debt in a DMP

dmb37

I am in a DMP with Payplan and have been since March of this year. Some creditors have stopped the interest and some haven't. Morgan Stanley and Barclaycard being the worst culprits. As it's a DMP I pay a certain amout within my budget. However, once they have lumped the interest, a charge for not paying the minimum amount and a late fee charge I am actually adding to my debt rather than reducing the capital!!!. Does this mean in 4 1/2 years ( estimated DMP) that the debt with these creditors will not have reduced in the slightest and I will still owe them money (Barclaycard 3K (it was 2.5K) and the same for Morgan Stanley)...at this rate double what I orginally owed!!!!!! At the moment I just feel that they are trying to screw me for as much money as they can get before they sell it to a DCA!!!.
I have emailed Payplan to see what action I should take.
Sorry for moaning on but.........you keep hearing that Creditors eventually stop charging the interest......WHEN!!!!!!!
I should just go bancrupt then they would get nowt!!!.......sorry for being so flippant!!!
You will be glad to hear that the rant is over.........

smokybabe

Hi there, I am no expert but have you considered claiming all of these charges back, someone more knowledgeable on here should know if it is possible with these 2 companies.

MCBIRNIE25

Hello,
you need to start taking control. Write to them now and ask them to stop charging interest on this account. I can help with a letter if u like, then get your backside over to https://www.consumeractiongroup.co.uk and reclaim those charges. You can form both of those companies.

Regards,
Mike.

thefoolonthehill

really interested in this post as i have just started a dmp, can anyone adv whether Nationwide, Virgin Card, Nationwide Credit Card and M&S are likely to freeze the interest?

thefoolonthehill

sorry to steal your post dmb

lou_lou_skinty_poos

hi there fellow dmper ha ha ive been on mine since march i had a barclaycard account and credit card they have stopped interest as have halifax and now mbna have followed suit but after adding 500 quid to my debt as well as taking the 300 odd pound ive paid them :mad: anyway its impossible to know when a creditor will stop charging interest as they have no continuity every case is different i think payplan will tell you that each company has a percentage they want you to pay before they are willing to stop the interest. basically they want to get as much money out of you as they can all i can say is sit tight and eventually they will stop the charges and interest failing that ring payplan 2day and ask what they can do good luck